- Quarterly Report (10-Q)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


þ		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2009


o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 1-8598

Belo Corp.

(Exact name of registrant as specified in its charter)


Delaware (State or other jurisdiction of incorporation or organization)		75-0135890 (I.R.S. employer identification no.)


P. O. Box 655237 Dallas, Texas (Address of principal executive offices)		75265-5237 (Zip code)

Registrant’s telephone number, including area code: (214) 977-6606

Former name, former address and former fiscal year, if changed since last report.
None

Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer o		Accelerated filer þ		Non-accelerated filer o (Do not check if a smaller reporting company)		Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class		Outstanding at July 31, 2009
Common Stock, $1.67 par value		102,535,951*


*		Consisting of 89,915,122 shares of Series A Common Stock and 12,620,829 shares of Series B Common Stock.

BELO CORP.
FORM 10-Q
TABLE OF CONTENTS


	Page
PART I FINANCIAL INFORMATION

Item 1. Financial Statements		2

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		10

Item 3. Quantitative and Qualitative Disclosures about Market Risk		16

Item 4. Controls and Procedures		16

PART II OTHER INFORMATION

Item 1. Legal Proceedings		17

Item 1A. Risk Factors		17

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		17

Item 3. Defaults Upon Senior Securities		17

Item 4. Submission of Matters to a Vote of Security Holders		18

Item 5. Other Information		18

Item 6. Exhibits		18

Signatures		24
EX-31.1
EX-31.2
EX-32

PART I.


Item 1.		Financial Statements

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
Belo Corp. and Subsidiaries


	Three months ended						Six months ended

	June 30,						June 30,
In thousands, except per share amounts (unaudited)	2009			2008			2009			2008

Net Operating Revenues	$	144,770		$	188,969		$	278,306		$	363,796

Operating Costs and Expenses
Station salaries, wages and employee benefits		45,536			57,179			98,209			119,328
Station programming and other operating costs		49,219			50,154			97,584			104,092
Corporate operating costs		5,199			6,618			14,148			15,708
Spin-off related costs		—			410			—			4,659
Depreciation		9,967			10,324			20,759			21,208


Total operating costs and expenses		109,921			124,685			230,700			264,995


Earnings from operations		34,849			64,284			47,606			98,801

Other Income and Expense
Interest expense		(15,332	)		(21,495	)		(29,912	)		(44,239	)
Other income, net		(2,805	)		804			13,564			1,073


Total other income and expense		(18,137	)		(20,691	)		(16,348	)		(43,166	)

Earnings from continuing operations before income taxes		16,712			43,593			31,258			55,635
Income taxes		6,417			17,214			12,052			40,136


Net earnings from continuing operations		10,295			26,379			19,206			15,499

Discontinued operations, net of tax		—			—			—			(4,499	)


Net earnings	$	10,295		$	26,379		$	19,206		$	11,000


Net earnings per share — Basic:
Earnings per share from continuing operations	$	0.10		$	0.25		$	0.18			0.15
Loss per share from discontinued operations		—			—			—			(0.04	)

Net earnings per share	$	0.10		$	0.25		$	0.18		$	0.11


Net earnings per share — Diluted:
Earnings per share from continuing operations	$	0.10		$	0.25		$	0.18		$	0.15
Loss per share from discontinued operations		—			—			—			(0.04	)

Net earnings per share	$	0.10		$	0.25		$	0.18		$	0.11


Dividends declared per share	$	—		$	—		$	0.075		$	0.075

See accompanying Notes to Consolidated Condensed Financial Statements.

CONSOLIDATED CONDENSED BALANCE SHEETS
Belo Corp. and Subsidiaries


In thousands, except share and per share amounts	June 30,			December 31,
(unaudited)	2009			2008

Assets

Current assets:
Cash and temporary cash investments	$	4,077		$	5,770
Accounts receivable, net		116,540			138,638
Other current assets		20,288			22,276

Total current assets		140,905			166,684

Property, plant and equipment, net		193,842			209,988
Intangible assets, net		967,543			967,543
Goodwill, net		423,873			423,873
Other assets		76,614			81,091


Total assets	$	1,802,777		$	1,849,179


Liabilities and Shareholders’ Equity

Current liabilities:
Accounts payable	$	15,584		$	19,385
Accrued expenses		37,063			51,399
Dividends payable		—			7,665
Accrued interest payable		7,635			8,212
Income taxes payable		1,126			18,067
Other current liabilities		4,645			5,083

Total current liabilities		66,053			109,811

Long-term debt		1,069,436			1,092,765
Deferred income taxes		243,603			234,452
Pension obligation		192,547			192,541
Other liabilities		29,768			32,707

Shareholders’ equity:
Preferred stock, $1.00 par value. Authorized 5,000,000 shares; none issued
Common stock, $1.67 par value. Authorized 450,000,000 shares
Series A: Issued 89,781,833 shares at June 30, 2009 and 89,184,467 shares at December 31, 2008		149,936			148,938
Series B: Issued 12,722,312 shares at June 30, 2009 and 13,019,733 shares at December 31, 2008		21,246			21,743
Additional paid-in capital		910,771			909,797
Accumulated deficit		(743,647	)		(756,639	)
Accumulated other comprehensive loss		(136,936	)		(136,936	)


Total shareholders’ equity		201,370			186,903


Total liabilities and shareholders’ equity	$	1,802,777		$	1,849,179

See accompanying Notes to Consolidated Condensed Financial Statements.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Belo Corp. and Subsidiaries


	Six months ended June 30,
In thousands (unaudited)	2009			2008

Operations
Net earnings (loss)	$	19,206		$	11,000
Adjustments to reconcile net earnings (loss) to net cash provided by operations:
Net loss from discontinued operations		—			4,499
Gain on repurchase of senior notes		(14,905	)		—
Depreciation		20,759			21,208
Deferred income taxes		12,273			11,510
Employee retirement funding		(147	)		(5,304	)
Share-based compensation		1,278			6,812
Other non-cash expenses		(3,155	)		(4,770	)
Equity income (loss) from partnerships		169			(336	)
Other, net		(3,050	)		(1,567	)
Net change in operating assets and liabilities:
Accounts receivable		22,799			17,392
Other current assets		(1,094	)		(3,442	)
Accounts payable		(3,800	)		(12,122	)
Accrued expenses		(13,590	)		(17,499	)
Accrued interest payable		(525	)		(612	)
Income taxes payable		(16,859	)		8,937

Net cash provided by continuing operations		19,359			35,706
Net cash used for discontinued operations		—			(12,753	)

Net cash provided by operations		19,359			22,953

Investments
Capital expenditures		(2,805	)		(15,959	)
Other investments		3,246			399
Other, net		2,142			(1,425	)

Net cash provided by (used for) investments of continuing operations		2,583			(16,985	)
Net cash used for investments of discontinued operations		—			(304	)

Net cash provided by (used for) investments		2,583			(17,289	)

Financing
Net proceeds from revolving debt		83,100			144,550
Payments on revolving debt		(66,100	)		(132,400	)
Purchase of senior notes		(25,260	)		—
Payment of dividends on common stock		(15,375	)		(20,439	)
Purchase of treasury stock		—			(2,203	)

Net cash used for financing		(23,635	)		(10,492	)


Net decrease in cash and temporary cash investments		(1,693	)		(4,828	)
Cash and temporary cash investments at beginning of period		5,770			11,190


Cash and temporary cash investments at end of period	$	4,077		$	6,362

See accompanying Notes to Consolidated Condensed Financial Statements.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
Belo Corp. and Subsidiaries
(in thousands, except per share amounts)

(1)		The accompanying unaudited consolidated condensed financial statements of Belo Corp. and subsidiaries (the Company or Belo) have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

		On February 8, 2008, the Company completed the spin-off of its newspaper businesses and related assets into a separate public company. The operations for the newspaper businesses and related assets that were part of the spin-off are presented as discontinued operations. See Note 2. The Company’s operating segments are defined as its television stations and cable news channels within a given market. The Company has determined that all of its operating segments meet the criteria under Statement of Financial Accounting Standards (SFAS) No. 131 “Disclosures about Segments of an Enterprise and Related Information” to be aggregated into one reporting segment.

		On June 16, 2008, the Financial Accounting Standards Board (FASB) issued FASB Staff Position EITF 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities” (FSP EITF 03-6-1). FSP EITF 03-6-1 requires the Company to consider unvested share-based payment awards that are entitled to receive dividends or dividend equivalents as participating securities in its computations of earnings per share. The Company adopted FSP EITF 03-6-1 in the first quarter of 2009; however, the adoption requires retrospective application to prior periods earnings per share amounts presented. Accordingly, the Company has revised its presentation of its earnings per share and weighted average shares outstanding to reflect this change and has retrospectively adjusted all comparative prior period information on this basis.

		In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2009, are not necessarily indicative of the results that may be expected for the year ending December 31, 2009. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Amendment No. 1 to its Annual Report on Form 10-K/A for the year ended December 31, 2008.

		In preparing the accompanying unaudited consolidated condensed financial statements, the Company has reviewed events that have occurred subsequent to June 30, 2009, through the issuance of the financial statements, which occurred on August 10, 2009.

		All dollar amounts are in thousands, except per share amounts, unless otherwise indicated. Certain prior period amounts have been restated to conform with current year presentation.

(2)		On February 8, 2008, the Company completed the spin-off of its former newspaper businesses and related assets into a separate public company, A. H. Belo Corporation (A. H. Belo), which has its own management and board of directors. The spin-off was accomplished by transferring the subject assets and liabilities to A. H. Belo and distributing a pro-rata, tax-free dividend to the Company’s shareholders of 0.20 shares of A. H. Belo Series A common stock for every share of Belo Series A common stock, and 0.20 shares of A. H. Belo Series B common stock for every share of Belo Series B common stock, owned as of the close of business on January 25, 2008.

		The historical operations of the newspaper businesses and related assets are included in discontinued operations in the Company’s financial statements. Below is the summary financial information of discontinued operations.

Statement of discontinued operations for the six months ended June 30, 2008:


	2008
Net revenues	$	64,869
Total operating costs and expenses		72,319

Loss from discontinued operations		(7,450	)
Other income and expense, net		101

Earnings (loss) from discontinued operations before income taxes		(7,349	)
Income taxes		2,850


Net loss from discontinued operations	$	(4,499	)

There were no discontinued operations for the three months ended June 30, 2008.

Additionally, Belo incurred $4,659 of expenses during the first half of 2008 related to the spin-off.

Under a services agreement, the Company and A. H. Belo (or their respective subsidiaries) are providing each other various services and/or support for a period of up to two years after the spin-off date. Payments made or other consideration provided in connection with all continuing transactions between the Company and A. H. Belo are on an arms-length basis or on a basis consistent with the business purpose of the parties. During the three and six months ended June 30, 2008, the Company provided $319 and $773, respectively, in services to A. H. Belo and A. H. Belo provided $4,838 and $7,732 respectively in information technology and Web-related services to the Company. During the three and six months ended June 30, 2009, the Company provided $374 and $747, respectively, in services to A. H. Belo and A. H. Belo provided $4,273 and $8,821, respectively, in information technology and Web-related services to the Company.

(3)		SFAS 142, “Goodwill and Intangible Assets,” requires that goodwill and indefinite lived intangible assets (FCC licenses) be tested at least annually for impairment or between annual tests if an event occurs or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying amount. The Company’s indefinite lived intangible assets represent FCC licenses in markets (as defined by Nielsen Media Research’s Designated Market Area report) where the Company’s stations operate. The Company measures the fair value of goodwill and indefinite lived intangible assets annually as of December 31. Please refer to Notes 1 and 4 in the notes to the consolidated financial statements included in the Company’s 2008 Form 10-K/A, for a full description of the Company’s goodwill and intangible asset impairment policies. Due to the continuing softness in the advertising environment, management reviewed goodwill and indefinite lived intangible assets for potential impairment at the end of the second quarter of 2009. For goodwill, management’s process involved analyzing the key estimates and assumptions used to determine the discounted cash flow calculations of estimated fair value for Belo reporting units. For FCC licenses, management’s process involved analyzing key estimates and assumptions used to determine the discounted cash flow calculations of estimated fair value for Belo’s FCC licenses. Where appropriate, management updated the calculations with the actual results for the six months ended June 30, 2009, the Company’s revised forecasts, and considered recent financial projections. Based on the Company’s review, management believes that the fair values of its reporting units and indefinite lived intangible assets exceed their carrying amounts at June 30, 2009; therefore, no adjustment to goodwill or indefinite lived intangible assets is necessary.

		In assessing the recoverability of the Company’s goodwill and indefinite lived intangible assets, and considering whether an event has occurred or circumstances have changed that would, more likely than not, reduce the fair value of a reporting unit or indefinite lived intangible asset below its carrying amount, the Company must make assumptions regarding future cash flow projections and other factors to estimate the fair value of the reporting units and intangible assets. Necessarily, estimates of fair value are subjective in nature, involve uncertainties and matters of significant judgment, and are made at a specific point in time. Thus, changes in key assumptions from period to period could significantly affect the estimates of fair value. The Company’s estimates of the fair value of its reporting units and indefinite lived intangible assets are primarily determined using discounted projected cash flows. Significant assumptions used in these estimates include projected revenues and related growth rates over time and in perpetuity, forecasted operating margins, estimated tax rates, capital expenditures, and required working capital needs, and an appropriate risk-adjusted weighted-average cost of capital.

Additionally, for the Company’s FCC licenses, significant assumptions include costs and time associated with start-up, initial capital investments, and forecasts related to overall market performance over time. If some or all of these key estimates or assumptions change in the future, the Company may be required to record additional impairment charges related to its goodwill and indefinite lived intangible assets.

(4)

The following table sets forth the reconciliation between weighted average shares used for calculating basic and diluted earnings per share for the three and six months ended June 30, 2009 and 2008. The Company has revised its presentation of its earnings per share to reflect the retrospective application of FSP EITF 03-6-1.


	Three months ended							Six months ended
	June 30, 2009							June 30, 2009
	Income			Shares		Per Share		Income			Shares		Per Share
	(Numerator)			(Denominator)		Amount		(Numerator)			(Denominator)		Amount

Net income	$	10,295						$	19,206
Less: Income to participating securities		(185	)						(285	)


Basic EPS:
Income available to common stockholders		10,110			102,497	$	0.10		18,921			102,438	$	0.18

Effect of dilutive securities:
Options ^(a)		—			16				—			20


Diluted EPS:
Income available to common stockholders plus assumed conversions	$	10,110			102,513	$	0.10	$	18,921			102,458	$	0.18


(a)		For the three and six months ended June 30, 2009, 12,568 options were excluded because the exercise price is in excess of the average market price.


	Three months ended							Six months ended
	June 30, 2008							June 30, 2008
	Income			Shares		Per Share		Income			Shares		Per Share
	(Numerator)			(Denominator)		Amount		(Numerator)			(Denominator)		Amount

Net income	$	26,379						$	11,000
Less: Income to participating securities		(505	)						(145	)


Basic EPS:
Income available to common stockholders		25,874			102,202	$	0.25		10,855			102,235	$	0.11

Effect of dilutive securities:
Options ^(b)		—			—				—			—


Diluted EPS:
Income available to common stockholders plus assumed conversions	$	25,874			102,202	$	0.25	$	10,855			102,235	$	0.11


(b)		For the three and six months ended June 30, 2008, 12,919 options were excluded because the exercise price is in excess of the average market price.

(5)

On January 1, 2009, the Company adopted Statement of Financial Accounting Standards (SFAS) 141R, “Business Combinations.” SFAS 141R establishes principles and requirements for how the acquirer of a

business recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree. The statement also provides guidance for recognizing and measuring the goodwill acquired in the business combination and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. SFAS 141R is effective for financial statements issued for fiscal years beginning after December 15, 2008. Accordingly, any business combinations Belo engaged in prior to January 1, 2009, were recorded and disclosed following then-existing accounting principles. The Company expects SFAS 141R will affect Belo’s consolidated financial statements but the nature and magnitude of the specific effects will depend upon the nature, terms and size of acquisitions, if any, Belo consummates after January 1, 2009.

On January 1, 2008, the Company adopted SFAS 157, “Fair Value Measurements” for the Company’s financial assets and liabilities. On January 1, 2009, the Company adopted SFAS 157 for the Company’s non-financial assets and liabilities. SFAS 157 establishes, among other items, a framework for fair value measurements in the financial statements by providing a single definition of fair value, provides guidance on the methods used to estimate fair value and increases disclosures about estimates of fair value. The adoption of SFAS 157 had no effect on the Company’s financial position or results of operations.

On June 16, 2008, the FASB issued FSP EITF 03-6-1, which requires the Company to consider unvested share-based payment awards that are entitled to receive dividends or dividend equivalents as participating securities in its computations of earnings per share. The Company adopted FSP EITF 03-6-1 in the first quarter of 2009; however, the adoption requires retrospective application to prior periods earnings per share amounts presented. Accordingly, the Company has revised its presentation of its earnings per share and weighted average shares outstanding to reflect this change and has retrospectively adjusted all comparative prior period information on this basis.

(6)

On February 26, 2009, the Company entered into an Amended and Restated $550,000 Five-Year Competitive Advance and Revolving Credit Facility Agreement with JPMorgan Chase Bank, N.A., J.P. Morgan Securities Inc., Banc of America Securities LLC, Bank of America, N.A. and other lenders, which matures upon expiration of the agreement in June 2011 (the 2009 Credit Agreement). The 2009 Credit Agreement amended and restated the Company’s existing Amended and Restated $600,000 Five-Year Competitive Advance and Revolving Credit Facility Agreement (the 2008 Credit Agreement). The amendment reduced the total amount of the Credit Agreement and modified certain other terms and conditions. The facility may be used for working capital and other general corporate purposes, including letters of credit. The 2009 Credit Agreement is guaranteed by the material subsidiaries of the Company. Revolving credit borrowings under the 2009 Credit Agreement bear interest at a variable interest rate based on either LIBOR or a base rate, in either case plus an applicable margin that varies depending upon the Company’s leverage ratio. Competitive advance borrowings bear interest at a rate obtained from bids selected in accordance with JPMorgan Chase Bank’s standard competitive advance procedures. Commitment fees of up to 0.5 percent per year of the total unused commitment, depending on the Company’s leverage ratio, accrue and are payable under the facility. The Company is required to maintain certain leverage and interest coverage ratios specified in the agreement. The leverage ratio is generally defined as the ratio of debt to cash flow. The interest coverage ratio is generally defined as the ratio of interest expense to cash flow. Beginning February 26, 2009, and continuing through June 30, 2010, the maximum allowed leverage ratio is 6.25. Effective July 1, 2010, through September 29, 2010, the maximum allowed leverage ratio decreases to 6.00. Beginning September 30, 2010, and continuing through December 30, 2010, the maximum allowed leverage ratio is 5.75. From December 31, 2010, and continuing thereafter, the maximum allowed leverage ratio is 5.00. Beginning February 26, 2009, and continuing through March 31, 2010, the minimum required interest coverage ratio is 2.25. Beginning April 1, 2010, and continuing thereafter, the minimum required interest coverage ratio increases to 2.50. The 2009 Credit Agreement contains additional covenants that are usual and customary for credit facilities of this type, including limits on dividends, bond repurchases, acquisitions and investments. The 2009 Credit Agreement does not permit share repurchases. Under the covenant related to dividends, the Company may declare its usual and customary dividend if its leverage ratio is then below 4.75. At a leverage ratio between 4.75 and 5.25, the Company may declare a dividend not to exceed 50 percent of the usual and customary amount. The Company may not declare a dividend if its leverage ratio exceeds 5.25. At June 30, 2009, the Company’s debt coverage ratio was 5.3 and its interest coverage ratio was 3.0, both of which are in compliance with debt covenant requirements under the 2009 Credit Agreement. As of June 30, 2009, the balance outstanding under the 2009 Credit Agreement was $454,000, the weighted average interest rate was 3.0 percent and all unused borrowings were available for borrowing.

During the six months ended June 30, 2009, the Company purchased $40,500 of the outstanding 6 ³ / 4 % Senior Notes due May 30, 2013, for a total cost of $25,260. These purchases were funded with borrowings under the credit facility.

At June 30, 2009, the fair value of Belo’s 6 ³ / ₄ % Senior Notes due May 30, 2013, 7 ³ / ₄ % Senior Debentures due June 1, 2027, and 7 ¹ / ₄ % Senior Debentures due September 15, 2027, was estimated to be $137,222, $127,500, and $147,600, respectively. The fair value is estimated using quoted market prices and yields obtained through independent pricing sources, taking into consideration the underlying terms of the debt, such as the coupon rate and term to maturity.

(7)

Belo has a long-term incentive plan under which awards may be granted to employees and outside directors in the form of non-qualified stock options, incentive stock options, restricted shares, RSUs, performance shares, performance units and stock appreciation rights. In addition, options may be accompanied by stock appreciation rights and limited stock appreciation rights. Rights and limited rights may also be issued without accompanying options. Cash-based bonus awards are also available under the plan.

Share-based compensation cost for awards to Belo’s employees and non-employee directors was $1,060 and $1,733, for the three and six months ended June 30, 2009. Share-based compensation cost for awards to Belo’s employees and non-employee directors was $295 and $2,906, for the three and six months ended June 30, 2008. No compensation cost is recognized related to options issued by Belo but held by employees and non-employee directors of A. H. Belo.

(8)

Belo sponsors a defined contribution plan (the 401(k) Plan or Belo Savings Plan) established effective October 1, 1989. The Belo Savings Plan covers substantially all employees of the Company. Participants may elect to contribute a portion of their pretax compensation as provided by the plan and Internal Revenue Service (IRS) regulations. From April 1, 2007, through December 31, 2008, Belo contributed an amount equal to two percent of the compensation paid to eligible employees of the Belo Savings Plan, subject to limitations. Effective January 1, 2009, this two percent contribution became discretionary. On March 10, 2009, the Company announced that it had suspended Company matching contributions into the Belo Savings Plan.

In March 2007, Belo froze benefits under The G. B. Dealey Retirement Pension Plan (Pension Plan). As part of the curtailment of the Pension Plan, the Company is providing transition benefits to affected employees, including supplemental contributions to the Belo pension transition supplement plan, a defined contribution plan, for a period of up to five years. Effective January 1, 2009, the Company suspended contributions into the pension transition supplement plan.

(9)

The net periodic pension cost (benefit) for the three and six months ended June 30, 2009 and 2008 includes the following components:


	Three months ended						Six months ended
	June 30,						June 30,
	2009			2008			2009			2008

Interest cost on projected benefit obligation	$	8,304		$	7,548		$	16,608		$	15,097
Expected return on assets		(8,673	)		(9,468	)		(17,328	)		(18,936	)
Amortization of net loss		(619	)		—			732			—

Net periodic pension cost (benefit)	$	(988	)	$	(1,920	)	$	12		$	(3,839	)

Effective with the spin-off of A. H. Belo, approximately 94 percent of Pension Plan participants were inactive. Under SFAS 87 “Employers’ Accounting for Pensions,” the Company was required to change the amortization period for gains and losses from the average remaining service of active participants to the average remaining life expectancy of inactive participants. As noted in the table above, this change had no effect on 2008 pension expense.

During the first six months of 2009, the Company did not make any contributions to the Pension Plan. The Company is not required to make contributions to the plan during 2009.

(10)

Under the terms of a separation and distribution agreement between the Company and A. H. Belo, they will share equally in any liabilities, net of any applicable insurance, resulting from the lawsuits described in the following paragraph.

On August 23, 2004, August 26, 2004, and October 5, 2004, respectively, three related lawsuits, now consolidated, were filed by purported shareholders of the Company in the United States District Court for the Northern District of Texas against the Company, Robert W. Decherd and Barry T. Peckham, a former executive officer of The Dallas Morning News . James M. Moroney III, an executive officer of The Dallas Morning News, was later added as a defendant. The complaints arise out of the circulation overstatement at The Dallas

Morning News announced by the Company in 2004, alleging that the overstatement artificially inflated Belo’s financial results and thereby injured investors. No amount of damages has been specified. The plaintiffs seek to represent a purported class of shareholders who purchased Belo common stock between May 12, 2003 and August 6, 2004 and allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. On April 2, 2008, the court denied plaintiffs’ motion for class certification. On April 16, 2008, plaintiffs filed a petition with the United States Court of Appeals for the Fifth Circuit seeking permission to appeal that denial. On June 17, 2008, permission was granted, and on April 2, 2009, the Fifth Circuit heard oral arguments. The Company believes the complaints are without merit and intends to vigorously defend against them.

Pursuant to the separation and distribution agreement, A. H. Belo has agreed to indemnify the Company for any liability arising out of the lawsuit described in the following paragraph.

On October 24, 2006, 18 former employees of The Dallas Morning News filed a lawsuit against the The Dallas Morning News , the Company, and others in the United States District Court for the Northern District of Texas. The plaintiffs’ lawsuit alleges unlawful discrimination and ERISA violations and includes allegations relating to The Dallas Morning News circulation overstatement. In June 2007, the court issued a memorandum order granting in part and denying in part defendants’ motion to dismiss. In August 2007 and March 2009, the court dismissed certain additional claims. A trial date has been set for April 2010. The Company believes the lawsuit is without merit and intends to vigorously defend against it.

In addition to the proceedings disclosed above, a number of other legal proceedings are pending against the Company, including several actions for alleged libel and/or defamation. In the opinion of management, liabilities, if any, arising from these other legal proceedings would not have a material adverse effect on the consolidated results of operations, liquidity or financial position of the Company.


Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations (dollars in thousands, except per share amounts)

The following information should be read in conjunction with the Company’s Consolidated Condensed Financial Statements and related Notes filed as part of this report.

Overview

Belo Corp. (Belo or the Company), a Delaware corporation, began as a Texas newspaper company in 1842 and today is one of the nation’s largest publicly-traded pure-play television companies. The Company owns 20 television stations (nine in the top 25 U.S. markets) that reach 14 percent of U.S. television households, including ABC, CBS, NBC, FOX, CW and MyNetwork TV affiliates, and their associated Web sites, in 15 highly-attractive markets across the United States. The Company also manages one television station through a local marketing agreement (LMA), and owns two local and two regional cable news channels and holds ownership interests in two others.

In 1997, the Federal Communications Commission (FCC) adopted rules for implementing digital television service (DTV). With certain limited exceptions, all full power broadcast stations began transmitting their signals in a digital only format on June 12, 2009. As part of the FCC’s nightlight program, five of the Company’s stations continued to transmit their signals in an analog format for up to 30 days after the DTV transition date to provide emergency notifications and DTV transition information to viewers in their markets.

The Company believes the success of its media franchises is built upon providing the highest quality local and regional news, entertainment programming and service to the communities in which they operate. These principles have built relationships with viewers, readers, advertisers and online users and have guided Belo’s success.

On February 8, 2008, the Company completed the spin-off of its newspaper businesses and related assets into a separate public company, A. H. Belo Corporation (A. H. Belo), with its own management and board of directors. The spin-off was accomplished by transferring the assets and liabilities of the newspaper businesses and related assets in the form of a pro-rata, tax-free stock dividend to the Company’s shareholders.

The following table sets forth the Company’s major media assets as of June 30, 2009:

Television Group


										Number of					Station
			Station/	Year Belo						Commercial		Station			Audience
	Market		News	Acquired/		Network				Stations in		Rank in			Share in
Market	Rank ⁽¹⁾		Channel	Started		Affiliation		Channel		Market ⁽²⁾		Market ⁽³⁾			Market ⁽⁴⁾

Dallas/Fort Worth		5	WFAA		1950	ABC			8		16		1			9
Dallas/Fort Worth		5	TXCN		1999		N/A		N/A		N/A		N/A			N/A
Houston		10	KHOU		1984	CBS			11		15		2			8
Phoenix		12	KTVK		1999	IND			3		13		5	*		4
Phoenix		12	KASW		2000	CW			61		13		7			3
Seattle/Tacoma		14	KING		1997	NBC			5		13		1			11
Seattle/Tacoma		14	KONG		2000	IND			16		13		5			2
Seattle/Tacoma		14	NWCN		1997		N/A		N/A		N/A		N/A			N/A
St. Louis		21	KMOV		1997	CBS			4		8		2	*		10
Portland		22	KGW		1997	NBC			8		8		1			11
Charlotte		24	WCNC		1997	NBC			36		8		3			7
San Antonio		37	KENS		1997	CBS			5		10		2			9
San Antonio ⁽⁵⁾		37	KCWX		—	CW			2		10		8	*		1
Hampton/Norfolk		43	WVEC		1984	ABC			13		8		2			10
Louisville		49	WHAS		1997	ABC			11		7		1	*		10
Austin		50	KVUE		1999	ABC			24		7		1			8
New Orleans ⁽⁶⁾		53	WWL		1994	CBS			4		8		1			15
New Orleans ⁽⁷⁾		53	WUPL		2007	MNTV			54		8		6			1
Tucson		68	KMSB		1997	FOX			11		9		4			6
Tucson		68	KTTU		2002	MNTV			18		9		6	*		1
Spokane		75	KREM		1997	CBS			2		7		1	*		14
Spokane		75	KSKN		2001	CW			22		7		5			2
Boise ⁽⁸⁾⁽⁹⁾		112	KTVB		1997	NBC			7		5		1			22


(1)		Market rank is based on the relative size of the television market Designated Market Area (DMA), among the 210 generally recognized DMAs in the United States, based on the September 2008 Nielsen Media Research report.

(2)		Represents the number of television stations (both VHF and UHF) broadcasting in the market, excluding public stations, low power broadcast stations and cable channels.

(3)		Station rank is derived from the station’s rating, which is based on the May 2009 Nielsen Media Research report of the number of television households tuned to the Company’s station for the Sunday-Saturday 5:00 a.m. to 2:00 a.m. period (sign-on/sign-off) as a percentage of the number of television households in the market.

(4)		Station audience share is based on the May 2009 Nielsen Media Research report of the number of television households tuned to the station as a percentage of the number of television households with sets in use in the market for the sign-on/sign-off period.

(5)		Belo operates KCWX-TV through a local marketing agreement.

(6)		WWL also produces “NewsWatch on Channel 15,” an around-the-clock local news and weather cable channel.

(7)		The Company also owns WBXN-CA, a Class A television station in New Orleans, Louisiana.

(8)		The Company also owns KTFT-LP (NBC), a low power television station in Twin Falls, Idaho.

(9)		Using its digital multicast capabilities, KTVB operates “24/7 Local News Channel,” a 24-hour daily local news and weather channel.

*		Tied with one or more stations in the market.

The Company intends for the discussion of its financial condition and results of operations that follows to provide information that will assist in understanding the Company’s financial statements, the changes in certain key items in those statements from period to period and the primary factors that accounted for those changes, as well as how certain accounting principles, policies and estimates affect the Company’s financial statements.

Results of Operations
(Dollars in thousands, except per share amounts)


	Three months ended June 30,									Six months ended June 30,
				Percentage									Percentage
	2009			Change			2008			2009			Change			2008

Net operating revenues	$	144,770			(23.4	%)	$	188,969		$	278,306			(23.5	%)	$	363,796
Operating costs and expenses		109,921			(11.8	%)		124,685			230,700			(12.9	%)		264,995

Earnings from operations		34,849			(45.8	%)		64,284			47,606			(51.8	%)		98,801
Other income (expense)		(18,137	)		(12.3	%)		(20,691	)		(16,348	)		(62.1	%)		(43,166	)

Earnings from continuing operations before income taxes		16,712			(61.7	%)		43,593			31,258			(43.8	%)		55,635
Income taxes		(6,417	)		(62.7	%)		(17,214	)		(12,052	)		(70.0	%)		(40,136	)

Net earnings from continuing operations		10,295			(61.0	%)		26,379			19,206			23.9	%		15,499
Discontinued operations, net of tax		—			—			—			—			100.0	%		(4,499	)

Net earnings	$	10,295			(61.0	%)	$	26,379		$	19,206			74.6	%	$	11,000

Net Operating Revenues


	Three months ended June 30,							Six months ended June 30,
	Percentage							Percentage
	2009		Change			2008		2009		Change			2008

Non-political advertising	$	125,937		(26.6	%)	$	171,473	$	243,723		(25.4	%)	$	326,710
Political advertising		1,875		(48.5	%)		3,642		2,520		(71.1	%)		8,710
Other		16,958		22.4	%		13,854		32,063		13.0	%		28,376

Net operating revenues	$	144,770		(23.4	%)	$	188,969	$	278,306		(23.5	%)	$	363,796

Non-political advertising revenues decreased $45,536, or 26.6 percent, in the three months ended June 30, 2009, compared to the three months ended June 30, 2008. This decrease is primarily due to a $44,845, or 27.9 percent, decrease in local and national spot revenue. Spot revenue decreased in most categories but primarily in the automotive, retail, entertainment, consumer services, home construction and improvement, healthcare, restaurant and financial services categories. Internet advertising revenues decreased $380, or 5.1 percent. Political advertising revenues decreased $1,767 in the second quarter 2009 as compared with the second quarter 2008. Political revenues are generally higher in even-numbered years than in odd-numbered years due to elections for various state and national offices. Other revenues increased primarily due to increases in retransmission revenues.

Non-political advertising revenues decreased $82,986, or 25.4 percent, in the six months ended June 30, 2009, compared to the six months ended June 30, 2008. This decrease is primarily due to an $81,885, or 26.7 percent, decrease in local and national spot revenue. Spot revenue decreased in most categories but primarily in the automotive, retail, entertainment, financial services, restaurants, home construction and improvement and healthcare categories. Internet advertising revenues decreased $754, or 5.2 percent. Political advertising revenues decreased $6,190 in the six months ended June 30, 2009, compared with the six months ended June 30, 2008. Political revenues are generally higher in even-numbered years than in odd-numbered years due to elections for various state and national offices. Other revenues increased primarily due to increases in retransmission revenues.

Operating Costs and Expenses

For the three months ended June 30, 2009, station salaries, wages and employee benefits decreased $11,643, or 20.4 percent, primarily due to decreases in salary expense of $5,167, vacation expense of $2,963 (due to an announced change to the Company’s vacation policy), 401(k) Plan expense of $1,869, sales commissions of $1,085, pension transition supplement expense of $860 and bonus expense of $780. These decreases were partially offset by an increase in medical insurance costs of $1,006. Station programming and other operating costs decreased $935, or 1.9 percent, with decreases in most expense categories, including a $3,029 decrease in advertising expense and a $928 decrease in national representation fees. In 2005, the Federal Communications Commission (FCC) allowed a major wireless provider to finance the replacement of analog newsgathering equipment with digital equipment. The Company recognized credits for this replacement of $765 in the second quarter 2009 and $4,733 in the second quarter 2008, as one Belo market converted to this digital equipment in the second quarter 2009 versus five Belo markets in the second quarter 2008. Corporate operating costs decreased $1,419, or 21.4 percent, in the second quarter 2009, primarily due to an insurance reimbursement.

For the six months ended June 30, 2009, station salaries, wages and employee benefits decreased $21,119, or 17.7 percent, primarily due to decreases in salary expense of $8,458, vacation expense of $3,074 (due to the policy change noted above), 401(k) Plan expense of $3,061, bonus expense of $1,992, pension transition supplement expense of $1,966, sales commissions of $1,918 and self-insured medical insurance costs of $1,158. Station programming and other operating costs decreased $6,509, or 6.3 percent, with decreases in most expense categories, including a $4,611 decrease in advertising expense. For the six month periods, the credits recognized for the FCC decision discussed above were $2,634 and $4,733 for 2009 and 2008, respectively, as two Belo markets converted to this digital equipment in the first half of 2009 versus five Belo markets in the first half of 2008. Corporate operating costs decreased $1,559, or 9.9 percent, in the first six months of 2009, with a decrease in bonus expense of $1,637 and a $1,476 reduction in various other expense categories partially offset by an increase in pension expense of $2,029.

During the three and six months ended June 30, 2008, the Company incurred $410 and $4,659, respectively, in charges related to the spin-off of its newspaper businesses and related assets mentioned above.

Other income (expense)

Interest expense decreased in the three and six months ended June 30, 2009, primarily due to the repayment of $350,000 of outstanding 8% Senior Notes in the fourth quarter of 2008 with funds from the revolving credit facility, which has a lower interest rate. Additionally, in the fourth quarter 2008 and the first quarter 2009, the Company purchased a total of $74,075 of the Company’s outstanding 6 ³ / 4 % Senior Notes due in 2013 and $10,000 of the Company’s outstanding 7 ¹ / 4 % Senior Debentures due in 2027 for a total cost of $52,048. The purchases were also funded with lower rate borrowings under the credit facility.

Other income, net decreased $3,609 in the second quarter 2009 compared to the second quarter 2008. The second quarter of 2009 included $947 in costs related to the relocation of the Company’s bureau in Washington, DC and an increase of $500 in the reserve for an investment. Other income, net increased $12,491 in the first half of 2009 compared to the first half of 2008 primarily due to a $14,905 gain related to the Company’s first quarter 2009 purchase of debt securities as discussed above. The debt securities were purchased on the open market at a discount. Additionally, the Company sold its interest in a Web site joint venture for a gain of $1,616 in the first half of 2009.

Income taxes decreased $10,797, or 62.7 percent, for the three months ended June 30, 2009, compared with the three months ended June 30, 2008, due to lower taxable income. Income taxes decreased $28,084, or 70.0 percent, for the six months ended June 30, 2009, compared with the six months ended June 30, 2008, due to lower taxable income and a one-time tax charge in the first half of 2008 related to the spin-off of the Company’s newspaper businesses and related assets. Although the spin-off otherwise qualifies for tax-free treatment to shareholders, the Company (but not its shareholders) recognized for tax purposes approximately $51,900 of previously deferred intercompany gains related to the transfer of certain intangibles to A. H. Belo, resulting in a federal income tax obligation estimated at $18,235 as of June 30, 2008.

Other

SFAS 142, “Goodwill and Intangible Assets,” requires that goodwill and indefinite lived intangible assets (FCC licenses) be tested at least annually for impairment or between annual tests if an event occurs or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying amount. The Company’s indefinite lived intangible assets represent FCC licenses in markets (as defined by Nielsen Media Research’s Designated Market Area report) where the Company’s stations operate. The Company measures the fair value of goodwill and indefinite lived intangible assets annually as of December 31. Please refer to Notes 1 and 4 in the notes to the consolidated financial statements included in the Company’s 2008 Form 10-K/A, for a full description of the Company’s goodwill and intangible asset impairment policies. Due to the continuing softness in the advertising environment, management reviewed goodwill and indefinite lived intangible assets for potential impairment at the end of the second quarter of 2009. For goodwill, management’s process involved analyzing the key estimates and assumptions used to determine the discounted cash flow calculations of estimated fair value for Belo reporting units. For FCC licenses, management’s process involved analyzing key estimates and assumptions used to determine the discounted cash flow calculations of estimated fair value for Belo’s FCC licenses. Where appropriate, management updated the calculations with the actual results for the six months ended June 30, 2009, the Company’s revised forecasts, and to consider recent financial projections. Based on the Company’s review, management believes that the fair values of its reporting units and indefinite lived intangible assets exceed their carrying amounts at June 30, 2009; therefore, no adjustment to goodwill or indefinite lived intangible assets is necessary.

In assessing the recoverability of the Company’s goodwill and indefinite lived intangible assets, and considering whether an event has occurred or circumstances have changed that would, more likely than not, reduce the fair value of a reporting unit or indefinite lived intangible asset below its carrying amount, the Company must make assumptions regarding future cash flow projections and other factors to estimate the fair value of the reporting units and intangible assets. Necessarily, estimates of fair value are subjective in nature, involve uncertainties and matters of significant judgment, and are made at a specific point in time. Thus, changes in key assumptions from period to period could significantly affect the estimates of fair value. The Company’s estimates of the fair value of its reporting units and indefinite lived intangible assets are primarily determined using discounted projected cash flows. Significant assumptions used in these estimates include projected revenues and related growth rates over time and in perpetuity, forecasted operating margins, estimated tax rates, capital expenditures, and required working capital

needs, and an appropriate risk-adjusted weighted-average cost of capital. Additionally, for the Company’s FCC licenses, significant assumptions include costs and time associated with start-up, initial capital investments, and forecasts related to overall market performance over time. If some or all of these key estimates or assumptions change in the future, the Company may be required to record additional impairment charges related to its goodwill and indefinite lived intangible assets.

Discontinued Operations

The historical results of the Company’s newspaper businesses and related assets are presented as discontinued operations due to the spin-off of these assets into a separate public company on February 8, 2008.

Liquidity and Capital Resources

Net cash provided by operating activities, bank borrowings and long-term debt are Belo’s primary sources of liquidity.

Bank Borrowings and Long-Term Debt

On February 26, 2009, the Company entered into an Amended and Restated $550,000 Five-Year Competitive Advance and Revolving Credit Facility Agreement with JPMorgan Chase Bank, N.A., J.P. Morgan Securities Inc., Banc of America Securities LLC, Bank of America, N.A. and other lenders, which matures upon expiration of the agreement in June 2011 (the 2009 Credit Agreement). The 2009 Credit Agreement amended and restated the Company’s existing Amended and Restated $600,000 Five-Year Competitive Advance and Revolving Credit Facility Agreement (the 2008 Credit Agreement). The amendment reduced the total amount of the Credit Agreement and modified certain other terms and conditions. The facility may be used for working capital and other general corporate purposes, including letters of credit. The 2009 Credit Agreement is guaranteed by the material subsidiaries of the Company. Revolving credit borrowings under the 2009 Credit Agreement bear interest at a variable interest rate based on either LIBOR or a base rate, in either case plus an applicable margin that varies depending upon the Company’s leverage ratio. Competitive advance borrowings bear interest at a rate obtained from bids selected in accordance with JPMorgan Chase Bank’s standard competitive advance procedures. Commitment fees of up to 0.5 percent per year of the total unused commitment, depending on the Company’s leverage ratio, accrue and are payable under the facility. The Company is required to maintain certain leverage and interest coverage ratios specified in the agreement. The leverage ratio is generally defined as the ratio of debt to cash flow. The interest coverage ratio is generally defined as the ratio of interest expense to cash flow. Beginning February 26, 2009, and continuing through June 30, 2010, the maximum allowed leverage ratio is 6.25. Effective July 1, 2010, through September 29, 2010, the maximum allowed leverage ratio decreases to 6.00. Beginning September 30, 2010, and continuing through December 30, 2010, the maximum allowed leverage ratio is 5.75. From December 31, 2010, and continuing thereafter, the maximum allowed leverage ratio is 5.00. Beginning February 26, 2009, and continuing through March 31, 2010, the minimum required interest coverage ratio is 2.25. Beginning April 1, 2010, and continuing thereafter, the minimum required interest coverage ratio increases to 2.50. The 2009 Credit Agreement contains additional covenants that are usual and customary for credit facilities of this type, including limits on dividends, bond repurchases, acquisitions and investments. The 2009 Credit Agreement does not permit share repurchases. Under the covenant related to dividends, the Company may declare its usual and customary dividend if its leverage ratio is then below 4.75. At a leverage ratio between 4.75 and 5.25, the Company may declare a dividend not to exceed 50 percent of the usual and customary amount. The Company may not declare a dividend if its leverage ratio exceeds 5.25. As of June 30, 2009, the balance outstanding under the 2009 Credit Agreement was $454,000, the weighted average interest rate was 3.0 percent and all unused borrowings were available for borrowing.

At June 30, 2009, the Company’s leverage ratio was 5.3 and its interest coverage ratio was 3.0, both of which are in compliance with debt covenant requirements under the 2009 Credit Agreement. If advertising revenue comparisons to the prior year continue near current levels, the Company’s leverage ratio can be expected to increase and could potentially exceed the maximum ratio allowed in 2009. Management has held preliminary discussions with the Company’s lead banks and believes that the Company could obtain covenant relief prior to any such event. The Company expects its leverage ratio to decrease in 2010 from 2009 levels.

At June 30, 2009, Belo had $615,406 in fixed-rate debt securities as follows: $175,406 of 6-3/4% Senior Notes due 2013, $200,000 of 7-3/4% Senior Debentures due 2027; and $240,000 of 7-1/4% Senior Debentures due 2027. The weighted average effective interest rate for the fixed-rate debt instruments is 7.3%.

In the first six months of 2009, the Company purchased $40,500 of the outstanding 6 ³ / 4 % Senior Notes due 2013 for a total cost of $25,260. These purchases were funded with borrowings under the credit facility.

Operating Cash Flows

Net cash provided by operations was $19,359 in the first six months of 2009 and $22,953 in the first six months of 2008. The 2009 operating cash flows were primarily provided by net earnings adjusted for non-cash charges and a decrease in accounts receivable, partially offset by cash used for routine changes in other working capital items. The 2008 operating cash flows consisted of $35,706 provided by continuing operations and $12,753 used for discontinued operations. The 2008 operating cash flows were primarily provided by net earnings adjusted for non-cash charges and a decrease in accounts receivable, partially offset by cash used for the payment of costs related to the spin-off of A. H. Belo Corporation and supplemental retirement costs.

Investing Cash Flows

Net cash flows provided by investing activities were $2,583 in the first six months of 2009 compared to $17,289 in net cash flows used in investing activities in the first six months of 2008. The 2008 investing cash flows consisted of $16,985 used for continuing operations investing activities and $304 used for discontinued operations investing activities. The change from 2008 cash flows is primarily attributable to lower capital expenditures and divestiture of a joint venture interest in the first six months of 2009.

Capital Expenditures

Total capital expenditures for continuing operations were $2,805 in the first six months of 2009 compared with $15,959 in the first six months of 2008. Total capital expenditures for discontinued operations were $304 in the first quarter 2008.

Financing Cash Flows

Net cash flows used for financing activities were $23,635 in the first six months of 2009 compared with $10,492 in the first six months of 2008. There were no financing cash flows from discontinued operations for either period. The 2009 financing activity cash flows consisted primarily of borrowings and repayments under the Company’s revolving credit facility, purchase of debt securities and dividends on common stock as described below. The 2008 financing activity cash flows consisted primarily of borrowings and repayments under the Company’s revolving credit facility and dividends on common stock.

Dividends

On March 6, 2009, the Company paid fourth quarter 2008 dividends of $.075 per share, or $7,687, on Series A and Series B common stock outstanding to shareholders of record on February 13, 2009.

On June 5, 2009, the Company paid first quarter 2009 dividends of $.075 per share, or $7,688, on Series A and Series B common stock outstanding to shareholders of record on May 15, 2009.

On March 3, 2009, the Company announced that it would suspend dividends indefinitely following the June 5, 2009, payment.

Share Repurchase Program

The Company has a stock repurchase program pursuant to authorization from Belo’s Board of Directors in December 2005. There is no expiration date for this repurchase program. The remaining authorization for the repurchase of shares as of June 30, 2009, under this authority was 13,030,716 shares. During the second quarter 2009, no shares were repurchased under this program. The 2009 Credit Agreement, which became effective on February 26, 2009, does not permit share repurchases.

Recent Accounting Pronouncements

On January 1, 2009, the Company adopted Statement of Financial Accounting Standard (SFAS) 141R, “Business Combinations.” SFAS 141R establishes principles and requirements for how the acquirer of a business recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree. The statement also provides guidance for recognizing and measuring the

goodwill acquired in the business combination and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. SFAS 141R is effective for financial statements issued for fiscal years beginning after December 15, 2008. Accordingly, any business combinations Belo engaged in prior to January 1, 2009, were recorded and disclosed following then-existing accounting principles. The Company expects SFAS 141R will affect Belo’s consolidated financial statements but the nature and magnitude of the specific effects will depend upon the nature, terms and size of acquisitions, if any, Belo consummates after January 1, 2009.

On January 1, 2008, the Company adopted SFAS 157, “Fair Value Measurements” for the Company’s financial assets and liabilities. On January 1, 2009, the Company adopted SFAS 157 for the Company’s non-financial assets and liabilities. SFAS 157 establishes, among other items, a framework for fair value measurements in the financial statements by providing a single definition of fair value, provides guidance on the methods used to estimate fair value and increases disclosures about estimates of fair value. The adoption of SFAS 157 has no effect on the Company’s financial position or results of operations.

On June 16, 2008, the Financial Accounting Standards Board (FASB) issued FASB Staff Position EITF 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities” (FSP EITF 03-6-1). FSP EITF 03-6-1 requires the Company to consider unvested share-based payment awards that are entitled to receive dividends or dividend equivalents as participating securities in its computations of earnings per share. The Company adopted FSP EITF 03-6-1 in the first quarter 2009. The adoption requires restatement of prior period earnings per share amounts. The adoption of FSP EITF 03-6-1 did not have a significant impact on the Company’s financial statements.

Forward-Looking Statements

Statements in this Form 10-Q concerning Belo’s business outlook or future economic performance, anticipated profitability, revenues, expenses, dividends, capital expenditures, investments, future financings or other financial and non-financial items that are not historical facts, are “forward-looking statements” as the term is defined under applicable federal securities laws. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those statements.

Such risks, uncertainties and factors include, but are not limited to, uncertainties regarding the costs, consequences (including tax consequences) and other effects of the Company’s distribution of its newspaper businesses and related assets to A. H. Belo and the associated agreements between the Company and A. H. Belo relating to various matters; changes in capital market conditions and prospects, and other factors such as changes in advertising demand, interest rates and programming and production costs; changes in viewership patterns and demography, and actions by Nielsen; changes in the network-affiliate business model for broadcast television; technological changes, including the national transition to digital television in June 2009 and the development of new systems to distribute television and other audio-visual content; changes in the ability to secure, and in the terms of, carriage of Belo programming on cable, satellite, telecommunications and other program distribution methods; development of Internet commerce; industry cycles; changes in pricing or other actions by competitors and suppliers; Federal Communications Commission and other regulatory, tax and legal changes; adoption of new accounting standards or changes in existing accounting standards by the Financial Accounting Standards Board or other accounting standard-setting bodies or authorities; the effects of Company acquisitions, dispositions and co-owned ventures; general economic conditions; and significant armed conflict, as well as other risks detailed in Belo’s other public disclosures, and filings with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Other than as disclosed, there have been no material changes in the Company’s exposure to market risk from the disclosure included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2008.

Item 4. Controls and Procedures

The Company carried out an evaluation under the supervision and with the participation of the Company’s management, including the Company’s president and Chief Executive Officer and executive vice president/Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures, as of the end of the period covered by this Form 10-Q. Due to the material weakness noted in the paragraph below, the president and

Chief Executive Officer and executive vice president/Chief Financial Officer concluded that the Company’s disclosure controls and procedures were not effective as of the end of the period covered by this report.

During the Company’s second quarter 2009 review of goodwill and other intangible assets under SFAS 142, a material weakness was detected in internal control over financial reporting related to the design and application of control procedures associated with preparing and evaluating the carrying amount of its FCC licenses for purposes of assessing impairments as required by SFAS 142. As a result, the Company previously did not report the proper amount of impairment charges related to goodwill and intangible assets for the two years ended December 31, 2008 and 2007.

Subsequent to June 30, 2009, and as of the date of this filing, the Company has implemented additional controls related to the calculation of impairment of its goodwill and intangible assets. These additional controls include:

	•		Modified policies and procedures related to goodwill and intangible asset impairment

	•		Enhanced review of goodwill and intangible asset carrying amount calculations, and

	•		New monitoring activities.

These additional controls have been designed to ensure that all technical aspects of SFAS 142 and related generally accepted accounting principles are properly considered and applied.

The Company has adjusted its consolidated condensed balance sheet in this Form 10-Q to reflect adjustments made to its goodwill and intangible asset balances as of December 31, 2008. Accordingly, management believes that the consolidated financial statements included in this Form 10-Q fairly present, in all material respects, the Company’s financial position, results of operations and cash flows as of and for the periods presented.

There were no changes in the Company’s internal control over financial reporting during the quarter ended June 30, 2009, that have materially affected, or are reasonably likely to materially affect, Belo’s internal control over financial reporting.

PART II.

Item 1. Legal Proceedings

In addition to the proceedings previously disclosed (see Note 10 to the Consolidated Condensed Financial Statements in Part I, Item 1) for which there are no material developments to report, a number of other legal proceedings are pending against the Company, including several actions for alleged libel and/or defamation. In the opinion of management, liabilities, if any, arising from these other legal proceedings would not have a material adverse effect on the results of operations, liquidity or financial position of the Company.

Item 1A. Risk Factors

There have been no material changes in the Company’s risk factors from the disclosure included in the Annual Report on Form 10-K/A for the fiscal year ended December 31, 2008.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There have been no unregistered sales of equity securities in the last three years.

Issuer Purchases of Equity Securities

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Submission of Matters to a Vote of Security Holders

The Company’s Annual Meeting of Shareholders was held on May 12, 2009. All nominees standing for election as directors (Proposal I) were elected. The following chart indicates the number of votes cast with respect to each nominee for director:


			Withheld
Nominee	For		Authority
Henry P. Becton, Jr.		196,803,735		8,404,894
James M. Moroney III		200,958,340		4,250,289
Lloyd D. Ward		181,437,364		23,771,265

In addition to those directors elected at the Annual Meeting, the following directors continue in office: Judith L. Craven, M.D., M.P.H., Robert W. Decherd, Dealey D. Herndon, Wayne R. Sanders, Dunia A. Shive, and M. Anne Szostak.

At the Annual Meeting, a proposal to approve Belo’s Amended and Restated 2004 Executive Compensation Plan (Proposal II), which was designed to provide long-term and short-term incentives to executives, key employees and directors, was approved by the Company’s shareholders. The following chart indicates the number of votes cast for and against, and the number of abstentions and broker nonvotes with respect to this proposal.


	For	Against	Abstain	Broker Nonvotes
Proposal II	181,188,536	5,018,201	489,248	18,512,644

At the Annual Meeting, a proposal to approve the ratification of the appointment of Ernst & Young LLP as Belo’s independent registered public accounting firm (Proposal III) was approved by the Company’s shareholders. The following chart indicates the number of votes cast for and against, and the number of abstentions with respect to this proposal. There were no broker nonvotes.


	For	Against	Abstain
Proposal III	203,480,044	1,675,092	53,493

At the Annual Meeting, a proposal to elect all directors annually and not by classes was not approved by the Company’s shareholders (Proposal IV). The following chart indicates the number of votes cast for and against, and the number of abstentions and broker nonvotes with respect to this proposal.


	For	Against	Abstain	Broker Nonvotes
Proposal IV	49,546,726	136,741,741	407,518	18,512,644

No other matters were submitted to a vote of security holders at the Annual Meeting.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibits marked with an asterisk (*) are incorporated by reference to documents previously filed by the Company with the Securities and Exchange Commission, as indicated. All other documents are filed with this report. Exhibits marked with a tilde (~) are management contracts, compensatory plan contracts or arrangements filed pursuant to Item 601(b)(10)(iii)(A) of Regulation S-K.


Exhibit
Number		Description

2.1	*	Separation and Distribution Agreement by and between Belo Corp. and A. H. Belo Corporation dated as of February 8, 2008 (Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 12, 2008 (Securities and Exchange Commission File No. 001-08598)(the “February 12, 2008 Form 8-K”))

3.1	*	Certificate of Incorporation of the Company (Exhibit 3.1 to the Company’s Annual Report on Form 10-K dated March 15, 2000 (Securities and Exchange Commission File No. 001-08598) (the “1999 Form 10-K”))

3.2	*	Certificate of Correction to Certificate of Incorporation dated May 13, 1987 (Exhibit 3.2 to the 1999 Form 10-K)

3.3	*	Certificate of Designation of Series A Junior Participating Preferred Stock of the Company dated April 16, 1987 (Exhibit 3.3 to the 1999 Form 10-K)

3.4	*	Certificate of Amendment of Certificate of Incorporation of the Company dated May 4, 1988 (Exhibit 3.4 to the 1999 Form 10-K)

3.5	*	Certificate of Amendment of Certificate of Incorporation of the Company dated May 3, 1995 (Exhibit 3.5 to the 1999 Form 10-K)

3.6	*	Certificate of Amendment of Certificate of Incorporation of the Company dated May 13, 1998 (Exhibit 3.6 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 1998 (Securities and Exchange Commission File No. 002-74702)(the “2 ^nd Quarter 1998 Form 10-Q”))

3.7	*	Certificate of Ownership and Merger, dated December 20, 2000, but effective as of 11:59 p.m. on December 31, 2000 (Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 29, 2000 (Securities and Exchange Commission File No. 001-08598))

3.8	*	Amended Certificate of Designation of Series A Junior Participating Preferred Stock of the Company dated May 4, 1988 (Exhibit 3.7 to the 1999 Form 10-K)

3.9	*	Certificate of Designation of Series B Common Stock of the Company dated May 4, 1988 (Exhibit 3.8 to the 1999 Form 10-K)

3.10	*	Amended and Restated Bylaws of the Company, effective March 9, 2009 (Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 11, 2009 (Securities and Exchange Commission File No. 001-08598)(the “March 11, 2009 Form 8-K”))

4.1		Certain rights of the holders of the Company’s Common Stock are set forth in Exhibits 3.1-3.10 above

4.2	*	Specimen Form of Certificate representing shares of the Company’s Series A Common Stock (Exhibit 4.2 to the Company’s Annual Report on Form 10-K dated March 13, 2001 (Securities and Exchange Commission File No. 001-08598)(the “2000 Form 10-K”)

4.3	*	Specimen Form of Certificate representing shares of the Company’s Series B Common Stock (Exhibit 4.3 to the 2000 Form 10-K)

4.4		Instruments defining rights of debt securities:


Exhibit
Number		Description


		(1) *		Indenture dated as of June 1, 1997 between the Company and The Chase Manhattan Bank, as Trustee (the “Indenture”)(Exhibit 4.6(1) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 1997 (Securities and Exchange Commission File No. 002-74702)(the “2 ^nd Quarter 1997 Form 10-Q”))

		(2) *		$200 million 7-3/4% Senior Debenture due 2027 (Exhibit 4.6(4) to the 2 ^nd Quarter 1997 Form 10-Q)

		(3) *		Officers’ Certificate dated June 13, 1997 establishing terms of debt securities pursuant to Section 3.1 of the Indenture (Exhibit 4.6(5) to the 2 ^nd Quarter 1997 Form 10-Q)

		(4) *		(a) $200 million 7-1/4% Senior Debenture due 2027 (Exhibit 4.6(6)(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 1997 (Securities and Exchange Commission File No. 002-74702)(the “3 ^rd Quarter 1997 Form 10-Q”))

		*		(b) $50 million 7-1/4% Senior Debenture due 2027 (Exhibit 4.6(6)(b) to the 3 ^rd Quarter 1997 Form 10-Q)

		(5) *		Officers’ Certificate dated September 26, 1997 establishing terms of debt securities pursuant to Section 3.1 of the Indenture (Exhibit 4.6(7) to the 3 ^rd Quarter 1997 Form 10-Q)

		(6) *		Form of Belo Corp. 6-3/4% Senior Notes due 2013 (Exhibit 4.3 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 26, 2006 (Securities and Exchange Commission File No. 001-08598)(the “May 26, 2006 Form 8-K”))

		(7) *		Officers’ Certificate dated May 26, 2006 establishing terms of debt securities pursuant to Section 3.1 of the Indenture (Exhibit 4.2 to the May 26, 2006 Form 8-K)

		(8) *		Underwriting Agreement Standard Provisions (Debt Securities), dated May 24, 2006 (Exhibit 1.1 to the May 26, 2006 Form 8-K)

		(9) *		Underwriting Agreement, dated May 24, 2006, between the Company, Banc of America Securities LLC and JPMorgan Securities, Inc. (Exhibit 1.2 to the May 26, 2006 Form 8-K)

10.1 Financing agreements:


		(1) *		Amended and Restated Five-Year Competitive Advance and Revolving Credit Facility Agreement dated as of June 7, 2006 among the Company, as Borrower; JPMorgan Chase Bank, N.A., as Administrative Agent; J.P. Morgan Securities Inc. and Banc of America Securities LLC, as Joint Lead Arrangers and Joint Bookrunners; Bank of America, N.A., as Syndication Agent; and SunTrust Bank, The Bank of New York, and BNP Paribas, as Documentation Agents; and Mizuho Corporate Bank, Ltd., as Co-Documentation Agent (Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 7, 2006 (Securities and Exchange Commission File No. 001-08598))

		(2) *		First Amendment dated as of February 4, 2008 to the Amended and Restated Five-Year Competitive Advance and Revolving Credit Facility Agreement dated as of June 7, 2006 among the Company and the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 5, 2008 (Securities and Exchange Commission File No. 001-08598))

		(3) *		Second Amendment dated as of February 26, 2009 to the Amended and Restated Five-Year Competitive Advance and Revolving Credit Facility Agreement dated as of June 7, 2006 among the Company and the Lenders party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent (Exhibit 10.1(3) to the Company’s Annual Report on Form 10-K dated March 3, 2009 (Securities and Exchange Commission File No. 001-08598)(the “2008 Form 10-K”))

		(4) *		Guarantee Agreement dated as of February 26, 2009, among Belo Corp., the Subsidiaries of Belo Corp. identified therein and JPMorgan Chase Bank, N.A. (Exhibit 3.10 to the 2008 Form 10-K)

10.2 Compensatory plans:


		~(1)				Belo Savings Plan:


Exhibit
Number		Description


	*	(a) Belo Savings Plan Amended and Restated effective January 1, 2008 (Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 11, 2007 (Securities and Exchange Commission File No. 001-08598)(the “December 11, 2007 Form 8-K”))

	*	(b) First Amendment to the Amended and Restated Belo Savings Plan effective as of January 1, 2008 (Exhibit 10.2(1)(b) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 (Securities and Exchange Commission File No. 001-08598)(the “2nd Quarter 2008 Form 10-Q”)).

	*	(c) Second Amendment to the Amended and Restated Belo Savings Plan effective as of January 1, 2009 (Exhibit 10.2(1)(c) to the 2008 Form 10-K).

	*	(d) Third Amendment to the Amended and Restated Belo Savings Plan effective as of April 12, 2009 (Exhibit 10.1 to the March 11, 2009 Form 8-K).

~(2)		Belo 1986 Long-Term Incentive Plan:

	*	(a) Belo Corp. 1986 Long-Term Incentive Plan (Effective May 3, 1989, as amended by Amendments 1, 2, 3, 4 and 5) (Exhibit 10.3(2) to the Company’s Annual Report on Form 10-K dated March 10, 1997 (Securities and Exchange Commission File No. 001-08598)(the “1996 Form 10-K”))

	*	(b) Amendment No. 6 to 1986 Long-Term Incentive Plan, dated May 6, 1992 (Exhibit 10.3(2)(b) to the Company’s Annual Report on Form 10-K dated March 19, 1998 (Securities and Exchange Commission File No. 002-74702)(the “1997 Form 10-K”))

	*	(c) Amendment No. 7 to 1986 Long-Term Incentive Plan, dated October 25, 1995 (Exhibit 10.2(2)(c) to the 1999 Form 10-K)

	*	(d) Amendment No. 8 to 1986 Long-Term Incentive Plan, dated July 21, 1998 (Exhibit 10.3(2)(d) to the 2 ^nd Quarter 1998 Form 10-Q)

~(3)	*	Belo 1995 Executive Compensation Plan, as restated to incorporate amendments through December 4, 1997 (Exhibit 10.3(3) to the 1997 Form 10-K)

	*	(a) Amendment to 1995 Executive Compensation Plan, dated July 21, 1998 (Exhibit 10.2(3)(a) to the 2 ^nd Quarter 1998 Form 10-Q)

	*	(b) Amendment to 1995 Executive Compensation Plan, dated December 16, 1999 (Exhibit 10.2(3)(b) to the 1999 Form 10-K)

	*	(c) Amendment to 1995 Executive Compensation Plan, dated December 5, 2003 (Exhibit 10.3(3)(c) to the Company’s Annual Report on Form 10-K dated March 4, 2004 (Securities and Exchange Commission File No. 001-08598)(the “2003 Form 10-K”))

	*	(d) Form of Belo Executive Compensation Plan Award Notification for Employee Awards (Exhibit 10.2(3)(d) to the Company’s Annual Report on Form 10-K dated March 6, 2006 (Securities and Exchange Commission File No. 001-08598)(the “2005 Form 10-K”))

~(4)	*	Management Security Plan (Exhibit 10.3(1) to the 1996 Form 10-K)

	*	(a) Amendment to Management Security Plan of Belo Corp. and Affiliated Companies (as restated effective January 1, 1982)(Exhibit 10.2(4)(a) to the 1999 Form 10-K)

~(5)		Belo Supplemental Executive Retirement Plan

	*	(a) Belo Supplemental Executive Retirement Plan As Amended and Restated Effective January 1, 2004 (Exhibit 10.2(5)(a) to the 2003 Form 10-K)

	*	(b) Belo Supplemental Executive Retirement Plan As Amended and Restated Effective January 1, 2007 (Exhibit 99.6 to the December 11, 2007 Form 8-K)

	*	(c) Belo Supplemental Executive Retirement Plan As Amended and Restated Effective January 1, 2008. (Exhibit 10.2(5)(c) to the 2008 Form 10-K)

~(6)	*	Belo Pension Transition Supplement Restoration Plan effective April 1, 2007 (Exhibit 99.5 to the December 11, 2007 Form 8-K)

		(a) First Amendment to the Belo Pension Transition Supplement Restoration Plan, dated May 12, 2009 (Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 14, 2009 (Securities and Exchange Commission File No. 001-08598)


Exhibit
Number		Description


~(7)	*	Belo 2000 Executive Compensation Plan (Exhibit 4.15 to the Company’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on August 4, 2000 (Securities and Exchange Commission File No. 333-43056))

	*	(a) First Amendment to Belo 2000 Executive Compensation Plan effective as of December 31, 2000 (Exhibit 10.2(6)(a) to the Company’s Annual Report on Form 10-K dated March 12, 2003 (Securities and Exchange Commission File No. 001-08598 (the “2002 Form 10-K”))

	*	(b) Second Amendment to Belo 2000 Executive Compensation Plan dated December 5, 2002 (Exhibit 10.2(6)(b) to the 2002 Form 10-K)

	*	(c) Third Amendment to Belo 2000 Executive Compensation Plan dated December 5, 2003 (Exhibit 10.2(6)(c) to the 2003 Form 10-K)

	*	(d) Form of Belo Executive Compensation Plan Award Notification for Employee Awards (Exhibit 10.2(6)(d) to the 2005 Form 10-K)

~(8)	*	Belo 2004 Executive Compensation Plan (Exhibit 10.2(6) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2004 (Securities and Exchange Commission File No. 001-08598))

	*	(a) Form of Belo 2004 Executive Compensation Plan Award Notification for Executive Time-Based Restricted Stock Unit Awards (Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 2, 2006 (Securities and Exchange Commission File No. 001-08598) (the “March 2, 2006 Form 8-K”))

	*	(b) Form of Belo 2004 Executive Compensation Plan Award Notification for Employee Awards (Exhibit 10.2 to the March 2, 2006 Form 8-K)

	*	(c) Form of Award Notification under the Belo 2004 Executive Compensation Plan for Non-Employee Director Awards (Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 12, 2005 (Securities and Exchange Commission File No. 001-08598))

	*	(d) First Amendment to the Belo 2004 Executive Compensation Plan, dated November 30, 2006 (Exhibit 10.2(7)(d) to the Company’s Annual Report on Form 10-K dated March 1, 2007 (Securities and Exchange Commission File No. 001-08598))

	*	(e) Second Amendment to the Belo 2004 Executive Compensation Plan, dated December 7, 2007 (Exhibit 99.2 to the December 11, 2007 Form 8-K)

	*	(f) Third Amendment to the Belo 2004 Executive Compensation Plan, dated July 24, 2008 (Exhibit 10.2(8)(f) to the 2 ^nd Quarter 2008 Form 10-Q)

	*	(g) Fourth Amendment to the Belo 2004 Executive Compensation Plan, dated September 26, 2008 (Exhibit 10.2(8)(g) to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 (Securities and Exchange Commission File No. 001-08598)

~(9)	*	Summary of Non-Employee Director Compensation (Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 28, 2008 (Securities and Exchange Commission File No. 001-08598))

~(10)	*	Belo Corp. Change In Control Severance Plan (Exhibit 10.2(10) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2009 (Securities and Exchange Commission File No. 001-08598)

10.3 Agreements relating to the spin-off distribution of A. H. Belo:


(1	)	*	Tax Matters Agreement by and between Belo Corp. and A. H. Belo Corporation dated as of February 8, 2008 (Exhibit 10.1 to the February 12, 2008 Form 8-K)

(2	)	*	Employee Matters Agreement by and between Belo Corp. and A. H. Belo Corporation dated as of February 8, 2008 (Exhibit 10.2 to the February 12, 2008 Form 8-K)

(3	)	*	Services Agreement by and between Belo Corp. and A. H. Belo Corporation dated as of February 8, 2008 (Exhibit 10.3 to the February 12, 2008 Form 8-K)


Exhibit
Number		Description

	31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	32		Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	BELO CORP.
August 10, 2009	By:	/s/ Dennis A. Williamson
		Dennis A. Williamson
		Executive Vice President/ Chief Financial Officer (Authorized Officer, Principal Financial Officer)


August 10, 2009	By:	/s/ Carey P. Hendrickson
		Carey P. Hendrickson
		Senior Vice President/Chief Accounting Officer (Principal Accounting Officer)

Belo (NYSE:BLC)
Historical Stock Chart
From Sep 2024 to Oct 2024

Belo (NYSE:BLC)
Historical Stock Chart
From Oct 2023 to Oct 2024

Boards:

Quotes:

Boards

News

Market Data

Markets

Discover

BLC Belo Corp.

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Latest BLC Messages

Loading Messages....

News

Loading Messages....

Your Recent History